Nifty: Resistance 4594/4606/4617/4646/4664/4688/4718
Support 4545/4505/4484
Bank Nifty: Resistance 8435/8645 Support 8099/7977
As wrote yesterday,that use rise to shorts & not dips, Nifty exactly bounced from our support level in first half but didnt hold on to that rise & saw massive fall from resistance zone.Now as we were warning for a fall at higher range, now we are warning to not to short here, as all indicators are now in badly oversold state & some good bounce back can be seen, supported by global cues.
Expect flat / +ve opening.
BHEL, RNRL, RelInfra looking good for bounceback.
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